PBF Energy (NYSE:PBF) Sets New 52-Week High - Here's What Happened

Key Points

• PBF Energy hit a new 52-week high on Thursday, trading as high as $53.18 and closing near $52.89, up sharply from the prior close of $48.46.
• Recent analyst activity was mixed, but several firms raised price targets or upgraded the stock; however, MarketBeat still shows an average rating of "Reduce" with a $36.69 average price target.
• The company also reported a recent quarterly earnings miss on EPS but beat revenue expectations, while continuing to pay a dividend that annualizes to $1.10 per share for a 2.1% yield.

PBF Energy Inc. (NYSE:PBF - Get Free Report) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $53.18 and last traded at $52.89, with a volume of 4282625 shares. The stock had previously closed at $48.46.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PBF. Wall Street Zen upgraded PBF Energy from a "hold" rating to a "buy" rating in a report on Monday. Zacks Research downgraded PBF Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Mizuho increased their price objective on PBF Energy from $43.00 to $48.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. TD Cowen upgraded shares of PBF Energy from a "sell" rating to a "hold" rating and raised their target price for the stock from $36.00 to $39.00 in a report on Monday, June 29th. Finally, Citigroup lifted their target price on shares of PBF Energy from $36.00 to $43.00 and gave the stock a "neutral" rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $36.69.

PBF Energy Stock Up 9.1%

The company's fifty day simple moving average is $42.29 and its 200 day simple moving average is $38.89. The company has a quick ratio of 0.62, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $6.26 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 0.14 and a beta of 0.11.

PBF Energy (NYSE:PBF - Get Free Report) last released its earnings results on Thursday, April 30th. The oil and gas company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.09). The firm had revenue of $7.90 billion during the quarter, compared to analysts' expectations of $7.32 billion. PBF Energy had a net margin of 1.46% and a negative return on equity of 4.12%. The company's revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($3.53) EPS. Analysts anticipate that PBF Energy Inc. will post 8.55 earnings per share for the current fiscal year.

PBF Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, May 14th. PBF Energy's payout ratio is 29.65%.

Insider Activity

In related news, insider Control Empresarial De Capital sold 570,000 shares of PBF Energy stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $46.36, for a total transaction of $26,425,200.00. Following the completion of the transaction, the insider directly owned 17,142,128 shares of the company's stock, valued at $794,709,054.08. This trade represents a 3.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 2,791,570 shares of company stock valued at $126,106,586. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On PBF Energy

A number of institutional investors and hedge funds have recently made changes to their positions in PBF. Parallel Advisors LLC boosted its position in shares of PBF Energy by 6.8% in the 1st quarter. Parallel Advisors LLC now owns 3,781 shares of the oil and gas company's stock worth $180,000 after purchasing an additional 242 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in PBF Energy by 3.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,850 shares of the oil and gas company's stock valued at $326,000 after buying an additional 260 shares during the last quarter. Merit Financial Group LLC boosted its holdings in PBF Energy by 3.4% in the fourth quarter. Merit Financial Group LLC now owns 9,900 shares of the oil and gas company's stock worth $268,000 after acquiring an additional 325 shares in the last quarter. Next Level Private LLC boosted its holdings in PBF Energy by 0.6% in the fourth quarter. Next Level Private LLC now owns 66,660 shares of the oil and gas company's stock worth $1,808,000 after acquiring an additional 378 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of PBF Energy by 5.1% in the first quarter. Janney Montgomery Scott LLC now owns 7,885 shares of the oil and gas company's stock worth $375,000 after acquiring an additional 383 shares during the last quarter. Institutional investors own 96.29% of the company's stock.

PBF Energy Company Profile

PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.